Episode
The Petrodollar’s Last Stand—How a War to Save Hegemony May End It
- Published
- Apr 6, 2026
- Duration seconds
- 3721
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Summary
This contemporary application episode connects the “indispensable nation” ideology examined in Episode 13 to its economic foundation—the petrodollar system established in 1974. The self-reinforcing loop between dollar hegemony and American military dominance of the Persian Gulf is now being tested by the Iran war. Five weeks into the conflict, the Strait of Hormuz remains under Iranian control operating as a yuan-denominated toll booth, American aircraft have been shot down despite claims of total air superiority, and indicators of de-dollarization are accelerating. The war to save hegemony may be accelerating its end. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit jeffkellick.substack.com